T h e N e w s l e t t e r f o r E m p l o y e e s & F r i e n d s o f C a r g o j e t

On February 21st, 2012 Cargojet celebrates its tenth anniversary as Canada’sCargo Airline. From our humble beginnings and during the transition years aspredecessor companies, Cargojet has grown from a small company of sixty-something employees and $25M in annual revenues to a full-fledgedcargo airline with almost 500 transportation professionals employed acrossCanada with annual revenues of just under $200M. Our excellent teamwork, ontime performance, maintenance reliability and overall successful record hasearned us the respect and loyalty of our customers. Cargojet has consistentlymet or exceeded our customers demand for quality air cargo transportationservices, year-in and year-out.

Based on our excellent operational performance and customer respect,Cargojet has won several industry awards, including the Air Cargo WorldExcellence Award; the Shipper’s Choice Award as Cargo Airline of the Year fornine years and we were selected as one of Canada’s 50 Best ManagedCompanies. In addition, we won the most Outstanding Large Business Awardfrom the Province of Ontario and City of Hamilton Chambers of Commerce.These are all huge accomplishments for our company and each one of usshould be very proud of our individual and collective efforts!

Cargojet has experienced tremendous growth over the past ten years byexpanding our overnight network to 13 major city centers across Canada,growing our fleet size to ten Boeing 727-200 Advance Freighters, 1 Boeing 757-200 Extended Range Freighter and 2 Boeing 767-200 Extended RangeFreighters. Additionally we have secured additional ACMI contracts, created anInternational presence by introducing scheduled and charter service to Newark,Bermuda, Poland, Cuba, Mexico while expanding our International reach furtherby signing 45 commercial alliances with the world’s largest airlines.

We have experienced and met many challenges to our business over the pastten years. Who can forget the battles with competitor cargo airlines in our earlyyears or our Hamilton ground handler unexpectedly pulling all of his equipmentand ceased to provide service? These were all threats to our business that wesuccessfully overcame and contributed to our growth and success.

In 2005, we made the decision to take the company public, which allowed usto access new streams of capital required to grow and expand our business and

subsequently we added new aircraft and built our hangars in Hamilton. It alsoimposes a strong financial discipline on the business and allows us to managein a prudent and responsible manner.

In 2009, we completed the final expansion of our new hangar and office facilities in Hamilton to house the addition of the B767-200F and the B757-200Faircraft. This hangar facility is the largest of its kind at the John C. MunroeAirport in Hamilton and is also home to many of our key operations staff.

During the volatile economic times over the past few years we have managedvery well through the period. While we had to make some very tough decisionsduring these periods we have continued to ensure the financial strength andviability of Cargojet for now and the future.

Early in 2011, Cargojet converted from an income trust to a common sharecorporation and continues to trade on the Toronto Stock Exchange as CargojetInc (TSX:CJT). This conversion was a natural progression for the business andrepresented an exciting new chapter for Cargojet.

We have experienced many changes over the past ten years in business. Manygood people have worked here and some have moved on however even morehave established successful careers and are an integral part of our success. In fact, we have over 52 employees that have been with us since inception or earlier! Quite an accomplishment and a testament to the hard work and loyalty of the entire team.

It is my personal commitment to ensure Cargojet continues to remain healthyand strong. We are continuously looking to grow our business as we have doneso over the past ten years.

One of the core reasons of Cargojet’s successes has been its team of dedicated and loyal individuals. Cargojet is committed to continue providingvalue added service to our customers through our team and deliver value to ourshareholders.

Cargojet’s true success is each and every one of you, our team and our family.

The journey is only beginning I am looking forward in celebrating many moreyears to come together!

Sincerely,

Dr. Ajay K. VirmaniPresident & CEO

“TEN SUCCESSFUL YEARS”

Pot of Gold

Cargojet Hockey Team

In Russia

Launch - February 21, 2002

Vancouver Team

Calgary StampedeFred Thompson Retirement Celebration

Walk for Dave Fisher

Think You Can Dance ???

Mr. Vancouver

“ONE TEAM”

Ladies of Cargojet

Pilot’s Preparation

Entrepreneur of the Year Award

Dan’s Retirement

Hamilton Maintenance

One Team Winnipeg Team

Maintenance Conference

Five Wonderful Years & Counting

“TEN SUCCESSFUL YEARS”

Olympic Torch Run

Dan & Jamie

Pre-Flight Check

“Spirit of Winnipeg”

Winnipeg Hub

A Cold Day In Hamilton

Mr. Montreal

Financial Bells

“ONE TEAM”

Cheers !!!

Purchasing Team

Mr. Hamilton

Hamilton Ops

Celebrating Pilots

Consolidating

Welcome C-GAJ

Awesome Threesome

Trick Or Treat ???

Abbotsford Airshow

Always Hard At Work

“TEN SUCCESSFUL YEARS”

Pilot’s Conference

Load Planning

Five Wonderful Years & Counting

HR TeamHamilton GSE

Hamilton Ops

Commercial Conference

Mr. Maintenance

Vancouver Team

Sergio Romano

Christopher Ryan

Eddy Tvaronas

Jamie Porteous

Stephen Murray

Robert Bristol

Lyle Gibson

Chris Petropoulos

Ron Byrne

Aneta Acheson

Casey Chatham

Franco Caparelli

Paul Satya Palmarchetty

Ron Munroe

John Worsley

Heather Burns

David Thellefsen

Alex Lowe

John Pellerin

Clifford Todd Cooper

Sheilah Hogan

Rashie W. Grant

Mark Gordon

Jason McDonald

John Shannon

Paul Fuchs

Hedy Hogan

Holly Johnson

Peter Claxton

Jelani Mohammed

Said Suleiman Said

Sterling Hill

Roger Arbour

Mark Lush

Alana Job

Pawel Mrowczynski

Steven Cameron

Stephanie Lacroix

Ajay Virmani

Dwayne R. McDougall

Miona Joseph

Heather Cooper

Pauline Dhillon

Patrick Lee

Dale Gregory

Derrick Tonkin

Jennifer Cake

Anju Virmani-Kumar

Marcin Mrowczynski

Anthony Rousseau

Hashim Adem-Zeinu

Sean Walsh

Congratulations To All On Their 10 Years of Service

JETBITS . . . BABY GALLERY . . . Congratulations . . .

CAIDEN CREMER Congratulations to Captain Daniel

and wife as the welcome their son to their family

Jamie Porteous had the honour of lacing up his skates with the Montreal

Canadiens Alumni team for a game against the Toronto Maple Leafs Alumni

during the 2012 AHL Outdoor Classic Alumni / Celebrity Game

in Hamilton, Ontario in January. Hockey Night in Canada host

Ron MacLean joined retired National Hockey League officials

Ray Scapinello and Ron Hoggarth as referees.

Jamie joined Hamilton Bulldogs owner and valued Cargojet customer

ATS Healthcare’s owner Michael Andlauer, on the Canadiens team

with the likes of Guy Carbonneau, Georges Laraque, Patrice Brisebois

and Guy Lafleur, etc., against the Leafs team of Doug Gilmore,

Wendel Clarke, Curtis Joseph, Brad May, etc. before over

16,000 fans braving the cold outdoors at Ivor Wynne Stadium.

The Leafs beat the Canadiens 6-5 despite

Jamie’s best efforts for the Habs!

Congratulations Arvind!

Congratulations to Arvind Betala on his recent accreditation as a Chartered Accountant (CA). As

described by the Institute of Chartered Accountants ofOntario “Chartered Accountants are the professionals

Canada’s business leader’s trust to help make thefinancial, strategic and leadership decisions that

matter. The CA profession’s commitment to excellenceand the public interest provides the crucial foundation for this trust. In fact, Canadian CAs are recognized

around the world for high professional standards and expertise”.

Well Done Arvind!

Congratulations Chinthaka!

Congratulations to Chinthaka Wijesinha on his recentaccreditation as a Certified General Accountant (CGA).

As described by the CGA Association of Canada,“CGAs are part of a select group of financial

professionals who occupy key positions whereverCanadians do business. A Certified General

Accountant is a professional accountant who providesvarious accounting,business and advisory services inall sectors of the economy.” The CGA designation is

recognized worldwide and is achieved only after years of study and practical experience.

Well Done Chinthaka!